Attaining pay equity requires a considered strategy that aids progress
Pay equity remains a core consideration for organisations in the development of their corporate social responsibility frameworks. Broadly, recent research indicates that present initiatives enacted by organisations to achieve pay parity are insufficient to the attainment of that goal. That pay parity is linked to improved commercial performance provides for a win-win-win model; whereby, the employer, individual employee and shareholder benefits. Accordingly, strategic initiatives that seek to bridge the gender pay gap are imperative to ongoing commercial viability.
HR is uniquely positioned to lead at the forefront of strategic initiatives to achieve pay parity; thereby, minimising workplace inequality, and inequitable workplace practices. A preliminary critical step is to adopt a holistic view of the discrete elements that, together, contribute to an exacerbation of the problem.
By adopting a holistic view to enacting strategies that achieve equitable pay practices, HR is then equipped to sufficiently explore the following steps to designing a strategy that will deliver returns.
1. Define key goals
Organisations must initially clarify the scope of issues they wish to address; whilst articulating these goals clearly within a documented format. For example, how will any strategies developed address the three key pillars (organisational, individual or rewards-based) via which pay disparity is readily evidenced?
2. Undertake a gap analysis
Leverage quantifiable data sets to develop statistical models that identify key barriers obstructing the attainment of pay parity.
3. Create drivers for change
By utilising insights garnered from the gap analysis, an organisation can pinpoint key drivers for change. For example, it may become evident that talent acquisition and retention strategies are not sufficiently constructed to achieve equal gender representation at the Board and Executive level. In turn, this would impact outcomes in relation to pay equality.
4. Develop a strategic plan
Once barriers, and corresponding solutions are identified, an organisation must then determine appropriate steps to take to resolve critical issues, and work towards a structured plan to create the opportunities that give way to equalisation of gender representation and pay parity. By creating a series of recommendations; plus, a consolidated plan of action, HR departments can efficiently take structured steps to improve equitable outcomes within the workplace.
5. Fostering sustainability
Due diligence within any change management process requires that organisations consider the sustainability of any new processes that are implemented. Accordingly, the long-term viability of initiatives that drive towards pay parity and gender equality within workplaces is strengthened.
Employee wellbeing and pay parity are inextricably linked; learn how Flare HR could enable improved productivity and wellbeing within your workplace.
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